Asian stocks have enjoyed a winning streak this week and though markets are by no means out of the woods yet, it's evident that some form of confidence has returned.

Bhaskar Laxminarayan, Asia CIO at Pictet & Cie, is particularly bullish on emerging markets in Asia. He is overweight on equities and favors markets in China, India and Indonesia.

"The fact is that the balance of these Asian countries are very good", he said on CNBC Asia Pacific's Protect Your Wealth. "Consumer spending has held up reasonably well. Confidence levels are still okay and (China's) policy initiatives have been astounding."

He has his sights set on consumer discretionary stocks with a particular focus on the consumer spending side. He also tells CNBC that he likes financials at this stage. Bond markets are also picking up, according to Laxminarayan.

"The bond markets have seen a lot of volumes around the world", he says. "Asian bond markets are by definition, thinner trade, a little harder than U.S. counterparts, but of late we are beginning to see some reasonable good issuances with new yields. So I would say pick up the good issues."

Overall, Laxminarayan reiterates that Asia is a good destination in the medium to long term. "If you haven't bought (Asia), you should be buying now."